Elumelu’s United Capital Buys Stake in Parent of Nigerian Stock Exchange
United Capital Group, a pan-African investment banking and financial services group, has completed the acquisition of a 5% equity stake in the Nigerian Exchange Group (NGX Plc), the parent company of Nigeria’s bourse NGX.
The group said on Monday that its equity investment in NGX reflected its confidence in the future of the Nigerian capital market and underscored its commitment to supporting the institutions that drive market development, investor confidence, and economic prosperity.
United Capital is an investee company of Heirs Holdings, a family-owned investment group founded and chaired by Tony Elumelu.
Peter Ashade, its group chief executive officer, said: “This acquisition reflects our confidence in Nigeria’s capital markets and our responsibility to contribute to their growth actively. We have always said that United Capital is not just a participant in Nigeria’s capital markets; we are also builders. This strategic investment in NGX Plc is exactly that: we are building for impact.
“It is our vote of confidence in the leadership and strategic direction of the NGX, and where the capital market is headed, and this is our commitment to supporting them to get there. This strategic investment is consistent with United Capital’s broader vision: to create sustainable, long-term value for its shareholders while playing an active role in advancing the ecosystems in which we operate.”
With a growing footprint across 12 countries across West, East, and Central Africa, United Capital said it has positioned to leverage this equity stake in ways that benefit both the group and the wider market.
It said the completion of the investment followed the successful recapitalisation of all its subsidiaries ahead of regulatory deadlines and the recent acquisition of operational licences in Ethiopia and Rwanda.
